Lend Lease shares rose 2.2 per cent after the company said it was selected as preferred bidder for a $1 billion revamp of Sydney's Darling Harbour convention centre and entertainment centres.

Shares in engineering firm Downer EDI jumped 5.2 per cent to $3.65 after the company reached a negotiated settlement on a Singapore tunnel dispute and agreed to pay $S50 million.

Linc Energy told the ASX in response to a query it had no explanation for the 17.5 per cent surge in its shares today. Linc said it has provided updates on its Carmichael coal project and clean energy technology in recent days.

Investors shied away from recent strong gains for high-yielding stocks, sending Telstra down 0.7 per cent. It was the most actively traded stock.

3:37pm: Back to the mixed messages - sharemarket strong, economy weak: Australia’s hiring pace is expected to remain at its lowest level in over three years, research shows.

The Manpower Employment Outlook Survey for first quarter 2013 shows that employer hiring intentions are at their lowest level since third quarter 2009.

AMP Investments chief economist Shane Oliver says the results of the survey are not surprising given other economic data also suggest the economy is softening.

‘‘It’s consistent with what we’ve seen with other indicators,’’ he says. ‘‘The National Australia business confidence survey out today was at its lowest level since April 2009, job advertisements measured by the ANZ and skilled jobs measured by the government have been falling for last eight or nine months.

3:30pm: As the local market embarks on what can cautiously be called a Christmas rally, there are a number of potential spoilsports around. The Federal Reserve meeting that starts overnight is one. Another is the Italian political situation, which is shaking some confidence at the open of the fixed-income market as 10-year yields approach 5 per cent, IG Markets analyst Chris Weston notes:

It is an interesting and perhaps testing time to hold Italian paper, not to mention with its planned auction of €6.5 billion of one-year bills tomorrow and €3.5 billion in three-year bonds on Thursday, at a time when traditionally liquidity is thin.

In the short term though, the budget is scheduled for debate in the senate next week and potentially will be approved prior to Christmas, and most expect this to cause a few problems.

3:17pm: The sharemarket has closed at the highest point of the year. The benchmark S&P/ASX200 rose 18.1 points, or 0.4 per cent, to 4576, while the broader All Ords gained 18.9 points, or 0.4 per cent, to 4581.3.

3:01pm: Australia is falling behind other nations in terms of women in corporate and political leadership positions, a new study by the ABS shows.

ABS director Jane Griffin-Warwicke said while women made up just over half of Australia’s population, only 3.5 per cent of ASX 200 companies had a female CEO, and only 12.3 per cent of corporate board directors were women.

2:49pm: Australia faces a slowing economy that will require some fine-tuning of its labour market framework after producing one of the highest rates of employment growth in the industrialised world, a global agency says.

The Organisation of Economic Co-operation and Development report released today says labour market reforms over the past 15 years have boosted employment and cut welfare dependency.

But more effort is needed to help disadvantaged jobseekers get back to work and address the high number of people in part-time work who want full-time jobs.

2:14pm: Investors will be starting to turn their attention towards the two-day Federal Reserve meeting, which begins in Washington overnight.

The Fed is expected to announce it will buy $US45 billion per month of longer-dated Treasuries beginning in January to replace the current Operation Twist program, which expires at the end of December.

Under the program, it sells shorter-dated US government debt and buys longer-dated Treasuries to extend the duration of its balance sheet.

1:56pm: Central banks should be prepared to take the heat out of asset price booms, rather than relying on lower interest rates to "clean up" the mess after bubbles burst, Reserve Bank governor Glenn Stevens says.

Over the past two decades, economists have debated the merits of central banks "pricking" asset price bubbles by raising interest rates.

While some argued central banks should "lean" on bubbles in the interest of financial stability, others countered that doing so raises greater risks for an economy.

In closed-door remarks from August that were only publicly released today, Mr Stevens said the debate had moved on "some way towards doing a bit more leaning."

"I would have thought that by this point we have to conclude that simply expecting to clean up after the credit boom is not sufficient any more; the mess might be so large that monetary policy ends up not being able to do the job when the time comes," Mr Stevens said.

In a sign the Reserve remains wary the long-term dangers of very low interest rates, Mr Stevens also said that slashing rates to aid other parts of the economy "might leave its own toxic consequences."

‘‘We think the monetary policy is still loose, and [authorities] will maintain the current loose stance for the next several months. That is strong enough to keep the economic recovery on track,’’ said Zhang Zhiwei, China economist at Nomura in Hong Kong.

‘‘We don’t think the government needs to cut interest rates. Most likely they will just keep the ongoing credit loosening.’’

1:23pm: There's possibly bad news on the way for the prices of Australian staples bread and beer, with Abares predicting a 20 per cent hike in the price of wheat.

The free-on-board Gulf price of US hard-red winter wheat - the "world indicator price" - may average $360 a tonne in the year to June 30 from $299 a tonne a year earlier, the Canberra-based Australian Bureau of Agricultural and Resource Economics and Sciences said today.

World trade may drop 9.7 per cent to 131 million tons on reduced supply, it said. Prices in Chicago have climbed 30 per cent this year.

1:19pm: Singapore has topped Hong Kong as the most desired place in Asia for ‘‘mobile millionaires’’ to live with quality of life cited as the main attraction, a RBC Wealth Management survey says.

Almost a third of the millionaires in Asia who live, work or spend more than half their time outside their counties of origin prefer Singapore, while 24 per cent pick Hong Kong.

“Singapore always has this quality as a safe haven, not just for your money, but also for your family,” said Wai Ho Leong, a senior regional economist at Barclays in Singapore.

In August BusinessDay reported that Gina Rinehart had spent $S57 million ($A43.8 million) on two units, off the plan, in the Seven Palms Sentosa Cove condominium project. It was also thought that Nathan Tinkler was a budding Sentoa Cove resident too.

1:07pm: Bill Shorten has joined the debate kicked off by media reports about a memo from Leighton Contractors to staff on Chevron’s $US52 billion Gorgon project telling them that they could not sit down.

The Workplace Relations Minister said that in his experience of Australian workplaces most people work hard, and ‘‘don’t need advice about whether they should sit down or stand up".

‘‘Presumably the person that typed up that communications document was sitting down when they [wrote] it,’’ Mr Shorten said.

1:07pm: Some more on the confusion over just how gloomy the business outlook actually is:

While the NAB business confidence index fell from minus 0.9 points to minus 9.2 points in November, hitting its lowest since the peaks of the global financial crisis, the Roy Morgan business confidence survey is more positive. It showed a lift from 114.0 to 116.8 in November.

The $64 million question is whether the NAB survey is accurately describing conditions across Australia, CommSec chief economist Craig James says:

The Roy Morgan business survey covers 2800 firms, rather than just 600, and it showed a lift in business confidence in the latest month. But a problem for analysts is that few would have the $18,500 necessary to review the results of the Roy Morgan survey over a 12-month period.

The mixed survey results are confusing for analysts and policymakers alike. On the one hand we have a survey suggesting business confidence is back at the GFC levels, and another survey suggests that confidence is not far off the best levels in a year.

The Roy Morgan survey seems to better line up with macroeconomic indicators and consumer confidence readings, but it has been in operation for only 2½ years, while NAB’s goes back to 1997.

Simply, the Reserve Bank will need more information before deciding on another rate cut. And the February meeting is some time away.

1:05pm: One for the small businesses out there... Don't start 2013 playing catch-up. Here are 10 tips – from a broad range of experts – to help switch your focus from 'getting through Christmas' to 'getting ahead'.

12:22pm: UBS economists Scot Haslem and George Tharanou have taken a look at the business confidence numbers and concluded that there are more rate cuts coming unless sentiment improves:

Business conditions held a 3½-year low in November – as mining turned negative and non-mining failed to improve enough to offset it. Worryingly, business confidence also dropped to a 3½-year low (contrasting the bounce in consumer sentiment). Indeed, a plunge in new orders implies weaker conditions ahead, a sharp drop in wages is a drag on incomes, and inflation indicators are trending at very low levels (despite RBA worries over the Q3 CPI). Hence, business conditions need to improve shortly, or the RBA may need to cut rates again.

12:22pm: A lunchtime read, and one that contains some fascinating numbers about online shopping. US retailers are targeting Australian online shoppers this Christmas season, with one group of stores sending two jumbo loads of parcels from the US each week:

Saks, Macy’s and Bloomingdale’s have all opened virtual shop windows in Australia for Christmas, setting up local websites and offering discounted shipping to take advantage of the fastest-growing major overseas market for US stores.

11:57am:More on Lynas. Lynas shares are in a trading halt after a request from the Australian rare earths miner ahead of an announcement by the company following comments by four Malaysian government ministers released yesterday.

The cabinet ministers said Lynas had to remove all the residue generated by the plant from the country.

‘‘Should Lynas fail to comply with this condition, the Atomic Energy Licensing Board (AELB) is empowered under section 22 of the Atomic Energy Licensing Act 1984 (Act 304), to suspend or revoke the TOL and order Lynas to cease operations,’’ the statement released by the Ministry of International Trade and Industry said.

‘‘The government will not compromise the health and safety of the people and the environment, in dealing with the issue of Lynas.’’

The statement followed reports that Lynas’ Malaysian managing director, Mashal Ahmad, had said the waste products from the Kuantan plant could not be exported because of international laws, Malaysia’s New Straits Times newspaper stated.

The Australian company has faced political and legal troubles in Malaysia over the Lynas Advanced Materials Plant (LAMP). Lynas said it started production at the controversial plant in late November.

He said while Monday’s Chinese trade data was a bit disappointing, it had not stopped the upward momentum of resource stocks.

"Not surprisingly we’re seeing the material sector is leading the way. Overnight we saw further advances in the iron ore price. It was up about two per cent on Friday and extended its gains last night.’’

11:42am: Heading towards lunch and the markets are buoyant. The All Ordinaries index is 18.1 points higher, or 0.4 per cent, to 4580.5, while the benchmark S&P/ASX200 is 17.5 points higher, or 0.4 per cent, to 4575.4.

We've mentioned already that the big miners are leading the way, after getting a boost from an iron ore price, which at $US123.40 is at its highest level since mid-July.

10:55am: More from the Bank of England's Sir Mervyn King, and his speech in New York overnight where he revealed his wife's reaction to the naming of Mark Carney as his replacement.

Sir Mervyn recalled the day his wife saw the surprising news that Mr Carney was named to the post:

She said, 'You know Mervyn, they'll miss you, or six months down the road they'll miss you'.And then she looked at the TV screen and said: 'He's very young, he's very good looking, he's immensely charming and he's very charismatic.' I think he'll do a great job and they won't miss me at all.

10:52am: The corporate watchdog is still investigating whether market manipulation is behind a trading spike in October, after ruling out a fat-finger trade or faulty algorithm, writes BusinessDay’s Lucy Battersby.

On October 18, shares in more than eight blue-chip stocks — including ANZ Bank, Commonwealth Bank, Brambles, AGL, Bank of Queensland, Ansell and Aristocrat — saw massive spikes in their share prices just seconds after they began trading at 10am.

A trade worth $200 million was revised down to just $56 million seconds before the market opened.

In an update released this morning, the Australian Securities and Investments Commission said it had ‘‘ruled out a dysfunctional algorithm or high frequency trading strategies as the cause of the spike’’.

10:32am: Sir Mervyn King, the head of the Bank of England, has warned that too many countries were trying to weaken their currencies to offset the impact of the slow global economy and that the trend could grow next year.

"You can see, month-by-month, the addition to the number of countries who feel that active exchange rate management, always to push their exchange rate down, is growing," Sir Mervyn told the Economic Club of New York.

"My concern is that in 2013, what we will see is the growth of actively managed exchange rates as an alternative to the use of domestic monetary policy."

Sir Mervyn didn't identify any of the countries that had been managing their exchange rates.

9:49am:More on Southern Cross Media. BusinessDay’s Glenda Kwek has spoken to media buyer Steve Allen, of Fusion Strategy, who said the crisis after the apparent suicide of a nurse who was a victim of a prank call from 2Day FM DJs was expected to last for only a week, "though the very vocal miniority of social agitators" could force the issue to linger.

He did not believe the crisis would have a lasting impact on the station or its owners, and that Southern Cross Austereo took "all the remedial steps they could have reasonably done".

"[There'll be] no lasting impact because it is quite a different situation [from the Alan Jones and Kyle Sandilands cases]. These were not hostile or ridiculed comments or commentary directed at a particular Australian person.

"It was in no way a personal attack. It was a stunt, which backfired unwittingly and unfortunately. The indignancy of the UK media and hospital employer seems to point to something more."

9:40am:Lend Lease will carry out a $1 billion revamp of Sydney’s convention and entertainment centre precinct in a public private partnership with the NSW government.

Lend Lease will work with Infrastructure NSW to design, construct, finance and operate the Convention and Exhibition Centre at Darling Harbour and nearby Sydney Entertainment Centre in the CBD, the construction group said.

9:32am:Southern Cross Media, owners of 2Day FM, the radio station at the centre of the UK phone-prank controversy, was sold off heavily yesterday after the company suspended all advertising.

The company's shares closed the day 5.88 per cent lower, or 6.5 cents, at $1.04. Investors today however think that might have been a bit oversold. Its shares have added more than 3.3 per cent in opening trade today, with the share price recovering to $1.07.

9:11am: Ric Spooner of CMC Markets says the resources sector will be key to overall performance of the ASX today. He said:

There is no obvious reason why today should be the day for the S&P/ASX 200 index to rally to test key technical resistance at 4582. If it is to happen resources could lead the way.

Although international markets were firm overnight, the current rally is showing signs of fatigue as investors wait for more clarity on the US fiscal cliff negotiations before adding to risk positions.

In what looks like being a relatively quiet news day, the most likely scenario today is for local markets to follow their overseas counterparts sticking reasonably close to yesterday’s levels in subdued volumes.

8:56am:Engineering firm Downer EDI’s earnings will be hit by the company’s settlement of a legal dispute over a tunnel contract in Singapore.

Downer will pay $S50 million ($40 million) to Singapore company SP PowerAssets as part of a settlement of an arbitration claim commenced by SP PowerAssets in 2009. The claim related to a contract Downer won in 2003 for the construction of an electrical services tunnel in Singapore.

Downer has held a provision of $28 million against the claim made by SP PowerAssets, and an additional $12 million cost will be incurred in the first half of the 2012/13 year, the company said today.

8:48am: A quick note about Twitter. Follow @BusinessDay to stay in touch with breaking business and markets news while you’re on the move. You can also contact us via Twitter - send us a note if you find something we should know about.

8:44am:A meeting of the US Federal Reserve is sure to attract attention over the next couple of days. The meeting takes place on Wednesday (US time) with a speech by Fed boss Ben Bernanke expected early Thursday our time.

Many are expecting the Fed will further stimulate monetary policy with fresh bond purchases of $US45 billion a month to replace its Operation Twist programme, which is due to expire at the end of the year. Gold has been a winner ahead of the meeting.

"The market is probably expecting more easing, and the uncertainty over the fiscal cliff is there, supporting gold," Jeremy East, head of trading at Standard Chartered, said.

"The market got overdone on the downside when it broke below $US1,700 (on Friday), and physical demand picked up."

8:42am: Local shares are looking at a positive start after world markets edged higher overnight. Investors are keeping a watchful eye on Italy, where the power hungry Silvio Berlusconi appears to be preparing to make another run at the prime ministership, which is giving rise to concerns about how he will handle nation’s precarious finances.

For a comprehensive look at this morning’s business news, check today’s need2know. Here are this morning’s key markets numbers:

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Sort comments by:

I can be the judge. Based on the complete disparity between the Roy Morgan and NAB results, I conclude that these surveys are rubbish. I suppose if you have a vested interest in "proving" a point either way, you can always find some numbers to back you up.Very similar to an "independent experts report" as mentioned by Mr Pascoe today.

Commenter

cranberry

Location

Date and time

December 11, 2012, 1:13PM

That's nice that you think Mr Pascoe is an independent expert Cranberry.

Commenter

PDJ

Location

Date and time

December 11, 2012, 2:43PM

Not sure if you've taken me incredibly literally or your tongue is firmly planted?

Commenter

cranberry

Location

Date and time

December 11, 2012, 3:19PM

Guys, if you want to see the effect of rapid or auto trading have alook at OZL at 12;46. Soem nitwit sold $300,000 of shares at 7.06 when it has been trading at 7.25 to 7.35 one minute iether side. Soem kid with a beamer who wanted to go to lunch ?.

Commenter

Another Grump

Location

Melb

Date and time

December 11, 2012, 12:49PM

looks like someone sold 100,000 shares on market at 12.46.57... could just be a private investor in a hurry to liquidate...

BEHANDLA Beeswax polish, colourless $6.99 in the US www.ikea.com/us/en/catalog/products/40186303/

Exact same product, more than double the price.

Commenter

Allan

Location

Prahran

Date and time

December 11, 2012, 12:34PM

TEN's recent shambles reminds me strongly of Ansett's.

Commenter

Another Grump

Location

Melb

Date and time

December 11, 2012, 12:14PM

don't see ten's position as terminal... just likely to create future opportunities to buy in at much lower prices...

see support at existing levels maybe for a few days (difficult to be exact) more then buyers give up on stabilising and it eventually tanks to under 10 cents briefly in intraday trade... that's buying time

Commenter

Seriously...

Location

Date and time

December 11, 2012, 2:52PM

Yeah great job, that's why bonuses have been cut for the workers while his bonus went up 30%. Mind you he has a history of mediocrity. NAB went nowhere with him as CEO.

Commenter

Allan

Location

Prahran

Date and time

December 11, 2012, 11:55AM

The current ICAC investigation into NSW Labor and mining licences is the best entertainment in town. Corporate Australia laid bare in all its corrupt and immoral glory. Better than anything on tv.

The stench is palpable.

Commenter

Allan

Location

Prahran

Date and time

December 11, 2012, 10:55AM

Lyns going reeling from another regulatory stuff up. Apparently they are required under the terms of their licence to export radioactive waste but aren't allowed to due to international convention and who would take it anyway?

A good opportunity to close shorts once it starts trading again. Shorting is fun.

Commenter

Allan

Location

Prahran

Date and time

December 11, 2012, 10:41AM

I would not be at all surprised if the Malysian governmdent forces Lynas out after they have doen the ground work and then takes over the operation themselves. It will end up in the hands of some ministers family. Its the problem dealing with corrupt governments, you never know when they are going to bite the hand....

Commenter

Another Grump

Location

Melb

Date and time

December 11, 2012, 12:08PM

with malaysia election is around the corner. i dont think the government will likely to piss off the people by granting lynas the license to extract the rare material.

Commenter

sam

Location

Date and time

December 11, 2012, 12:41PM

Nice to see the iron ore miners recovering nicely at the moment...

Any predictions for what the iron ore price will do for the remainder of December? I'm guessing the price remains volatile and rises until it hits the 130-140 trading range... would love to hear views on this from all (optimists, realists and pesimists)...

Commenter

Seriously...

Location

Date and time

December 11, 2012, 10:24AM

I can't imagine it breaking above 130 unless there is some stimulus action from Beijing once the transition is completed in Feb/March.

Commenter

willo

Location

syd

Date and time

December 11, 2012, 11:38AM

Hi Seriously,I think that it is going to stay this side of $100 for some time. The China support thing. The stock piles don't seem to be getting any bigger despite the massive and ongoing shipments of iron ore.Cheers

Commenter

Opto

Location

Hi

Date and time

December 11, 2012, 11:46AM

Volatile. Prices up, I'm guessing that the strengthening GDP numbers have caused this latest surge but the Chinese export growth that came out yesterday massively undershot economists' expectations so I'm surprised that hasn't taken some of the wind out of iron ore's latest surge. Don't expect plunge though but can't see 140 in the next few weeks. Restocking of ore? We need somebody who's got their ear to this market. Major infrastructure announcements? China steel prices look stable of late after a recent recovery.

Commenter

Catch 22

Location

Gut Guesses

Date and time

December 11, 2012, 12:04PM

Stockpiles are getting bigger. That's what restocking does. DOH!

Oh and November was the second biggest month on record for China iron ore imports and FMG barely able to make a profit. Oh dear.

Commenter

Allan

Location

Prahran

Date and time

December 11, 2012, 12:22PM

And are many or any of those high cost Chinese mines closing like they are "supposed to"?

Commenter

Catch 22

Location

Date and time

December 11, 2012, 1:29PM

Labor's primary vote back down to 32%. Looks like the economy will hit the fan right around the time of the election which should see the current usurper, faceless men and corrupt NSW right slapped back into opposition. That's worth betting on.

Commenter

Allan

Location

Prahran

Date and time

December 11, 2012, 10:14AM

only if Gillard stays (or if she is replaced by Swan or Crean) will Abbott have a strong chance of winning...

Shorten while not popular might have what it takes to make the necessary decisions to turn the party around. Not saying I like him... just saying that he is sufficiently isolated from the crappy past clangers of Gillard and co to make people judge him on what he does as leader rather than the unimpressive ALP recent past.

I also want to see the back of Fed Labor... just don't think it's inevitable with Abbott as leader of the Libs.

Commenter

Seriously...

Location

Date and time

December 11, 2012, 2:35PM

TABLE 3 - Overall performance*NOTE: The last column is the important one.

Hi Guys, have i got an offer for you !. I have a little sandpit portfolio. It only has 3 stoicks in it, two of which i bought very recently, they are SIR and LYC. You may notice that both have since gone into trading halts !!!. So here is the deal if you have a company you would like to sabotage just let me know, i will start to show an interest and i jinx them for you.

Commenter

Another Grump

Location

Melb

Date and time

December 11, 2012, 9:55AM

I'd suggest TEN, but they seem to be doing a pretty good job themselves. more falls to come...

Commenter

Seriously...

Location

Date and time

December 11, 2012, 10:01AM

No need.

Our government can do that for you.

Commenter

Opinion Only

Location

Melbourne

Date and time

December 11, 2012, 10:05AM

out of curiosity what is the third stock? might make a good short (I don't mean to offend... was simply thinking of the old saying that bad luck comes in threes)

I wouldn't give up on LYC just yet though... (don't follow SIR myself)

Commenter

Seriously...

Location

Date and time

December 11, 2012, 10:07AM

AAC; so far so good, as the guy that fell out off a 30 story bulding could be heard to say as he passed each floor.

Commenter

Another Grump

Location

Melb

Date and time

December 11, 2012, 12:54PM

SIR resumed trading and still tanking.

Grump, are you out ? :)

Commenter

got brain

Location

Date and time

December 11, 2012, 1:29PM

does AAC have any debt issues is the only question I can think off... otherwise it seems a fairly unexciting business...

Given your speculative taste in stocks the only comment I have is to suggest avoiding emotional decisions on how long or short to hold your stocks... (I apologise for stating the bleeding obvious... ...I would have appreciated the reminder in the past before some of my less 'reflective' decisions)... best of luck

Commenter

Seriously...

Location

Date and time

December 11, 2012, 2:29PM

Hey got brain, no i am still in, they are still worth more than i paid so i will test the waters foir a little whiel.

Our dollar is doing our manufacturers no favours @ $ 1.0486 and iron ore @ $123.40 and firming is likely to prop it up there. Link energy LNC is having another dash at the dollar and BSLDA is gently heading north still. Interesting.

AT C.O.B. on 7/12/2012 4551.758Two more tables to follow, being1. Accumulated average amount away from the ASX bal on Friday, and;2. Accumulated points for tipping to date.

Commenter

Snidery Mark

Location

Date and time

December 11, 2012, 9:31AM

Australia Post should package up Ahmed Fahour and send him on his way. Penny pinching while paying himself a massive bonus is oh so typical of today's corporate Australia.

Oh and Ahmed, stop charging $4 per page to certify documents. It's a community service. You know you're part of the public service right? Why should the local pharmacy be obliged to do it for free and you not?

Commenter

Allan

Location

Prahran

Date and time

December 11, 2012, 8:29AM

I've never used Aus Post to certify documents but as a JP myself I was told it was illegal (at least in my state NSW) to charge for certification of documents. Would be interested to know why they see themselves exempt from the rules that apply to others.

btw agree that the bonuses are disgraceful and miserly given what the boss got.

Commenter

Seriously...

Location

Date and time

December 11, 2012, 9:13AM

Nice Allan, in first and on form.

Commenter

Another Grump

Location

Melb

Date and time

December 11, 2012, 9:18AM

Many pharmacies around Melbourne charge ~$2 to certify documents. Most accessible and free way is to go to the local police station.

Commenter

Wilstar

Location

Date and time

December 11, 2012, 9:50AM

Don't know the VIC equivalent however the best way of getting a document certified for free in NSW is searching the JP register:

http://jp.lawlink.nsw.gov.au/public/welcomePublic.do

Commenter

Seriously...

Location

Date and time

December 11, 2012, 10:04AM

Rubbish.

Fahour is doing a great job at transforming what was essentially a basket case into a world class organisation.